Goodmortgage Review 2021

Written by
Josephine Nesbit
Edited By

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At a glance

Goodmortgage

NMLS: 2917

State License: MC-436

3.6

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Bankrate Score

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Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; non-QM loan
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Nationwide availability

Available in all U.S. states except Hawaii and New York
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Min. credit score required

620 for conventional loans; 680 for jumbo loans; 580 for FHA loans; 580 for VA loans; 620 for USDA loans; 620 for non-QM loans

Pros and cons

Pros

  • Programs for borrowers with slim credit
  • Low-down payment loan programs
  • Offers non-qualified mortgage (non-QM) loans
  • Fast loan closing times
  • Free rate quote online

Cons

  • Doesn't offer immediate online approval; you have to speak to a loan officer
  • Doesn’t publish lender fees on its website
  • No brick-and-mortar locations

Goodmortgage overview

Goodmortgage is an online lender offering mortgage options to borrowers of all types, including those with prior credit issues and little money for a down payment. Founded more than 20 years ago, Goodmortgage is the retail lending arm of First Guaranty Mortgage Corporation, a full-service wholesale and correspondent lender headquartered in Plano, Texas, that purchased Goodmortgage in 2016. Among the benefits of working with this lender, Goodmortgage offers expedited processing and underwriting with no lender fee, and the standard application fee can be waived. Discounted pricing is also available, and there is no upfront appraisal fee. Keep in mind: While Goodmortgage is the first point of contact for all home purchase and refinance inquiries, you will make your monthly mortgage payments directly to Rushmore Loan Management Services.

Good for

Borrowers looking for a convenient online experience and to explore the full suite of loan products

Loan types 

  • Conventional
  • Jumbo
  • FHA
  • VA
  • USDA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term, cash-out and streamline refinancing
  • Home equity loan
  • Non-QM loan

Lender fees

Goodmortgage does not provide lender fee information on its website. Most lenders charge at least an origination and application fee. A number of loan programs can lower your obligation at closing, including an FHA, VA or USDA loan, which might allow you to wrap closing costs into your overall monthly payment, and sometimes provide the option for the seller to contribute to these costs.

Rates

Goodmortgage’s rates are not publicly advertised on the lender’s website, but you can get a free rate quote after filling out contact information online and speaking with a loan officer.

Reputation

First Guaranty Mortgage Corporation, which does business as Goodmortgage, is a Better Business Bureau A+ accredited company.

Online services 

Borrowers can get a prequalification or preapproval, a free rate quote and apply for a purchase loan or refinance through the Goodmortgage website, but must fill out a contact information form to start. After receiving this information, a loan officer will reach out to answer any questions, provide a quote or help create a plan. Borrowers apply for a loan through the lender’s GO portal, where they can lock in their rate, e-sign initial disclosures and check the status of their loan. Goodmortgage also offers a variety of calculators online, including a rent vs. buy, affordability, monthly payment and investment property, that can help borrowers weigh different scenarios.

Minimum borrower requirements

Goodmortgage generally follows Fannie Mae’s underwriting guidelines for conventional mortgages, which require that borrowers have a credit score of 620 or better, a down payment of at least 5 percent and a debt-to-income (DTI) ratio of at least 43 percent. For HomeReady and Home Possible conventional mortgages, borrowers can put down as little as 3 percent.

An FHA loan through Goodmortgage requires a 580 credit score or better and a down payment of at least 3.5 percent. In general, you’ll need a DTI ratio of 50 percent or lower. VA and USDA loans don’t have a down payment requirement, but the lender looks for a minimum credit score of 580 for a VA loan and 620 for a USDA loan.

For jumbo loans, Goodmortgage requires at least a 680 credit score. Non-QM products allow for a credit score as low as 620.

Refinancing with Goodmortgage 

Goodmortgage’s refinance rates and costs are not available on the lender’s website, but you can reach out to obtain a quote by filling out a contact information form and speaking with a loan officer. Goodmortgage offers several refinancing options, such as rate-and-term and cash-out refinancing, FHA streamline refinancing, VA Interest Rate Reduction Loan (IRRRL) and USDA streamline assist refinancing.

Not sure if Goodmortgage is right for you? Consider these alternatives

Breakdown of Goodmortgage overall review score 

  • Affordability: 13/15
  • Availability: 12/15
  • Borrower experience: 13/15

Review methodology 

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

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Goodmortgage consumer reviews

4.1

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9 reviews

5 stars
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7
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Customer service rating

Knowledge
4.3
Level of service
4.1
Professionalism
4.3
Responsiveness
4.0

78% of reviews would recommend this lender

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